Mortgage rates have moved in the right direction to the lowest levels in over a month. We are still seeing 4.125% as the most prevalent quoted conforming 30yr rate for top tier borrowers with additional closing costs with 4.25% still in the picture.

For every move the stock market makes, the bond and MBS markets follow like well-trained hunting dogs.Today no different, the stock indexes opened better, rate markets flat; the key indexes lost ground about noon and the 10yr yield declined to 2.41% down 3 bps, MBS prices improved and were up 15 bps from morning pricing levels. By 1:00 the key indexes started to regain some ground, the 10 back to 2.44% and MBSs lost some of the improvement. Silly but it isn't unusual when there is no overriding influences for pushing rates lower. On the other hand all of those bearish forecasts that were spread around from one lemming to the other for 3.00% 10 year rates are looking less likely.

In one month we will get the mid-term elections.That may keep the stock market on edge. Depending which poll is out it appears Democrats will lose the Senate, but it is too close to call. Losing the Senate will pretty much end any legislation coming from Washington for the next two years---at least anything significant---nothing different there.

Remember, if you want to know the benefits of locking your rate today versus floating, simply give me a call at 314-744-7806 or visit me on my website at www.CallTheMoneyMan.com. I have access to real time Wall St. data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.